How Much is an Ocean View Worth?

Request come in all the time for homes with ocean views. Granted few thing are more enjoyable than seeing the sunset over the Pacific Ocean from your living room.  Add to that, unobstructed, cool ocean breezes that justify the lack of air conditioning, and you have a dilemma on your hands. Just how much is an ocean view worth?

Here in the Hermosa Surf a unit for sale is challenging that question.  Unit 501 is a 1 bedroom 1 bath top floor ocean view condo, that originally listed at an aggressive $579,000. Keep in mind other single bedroom units in this complex have sold between $409-$459000 in recent months.   After some thought, price reduced to $539,000 without success.  Now, 103 days later the asking price is now a reasonable $499,000.  Will it sell at this price? I think so, however the unit does need updates to fit the more modern buyer.  Still this unit is more affordable than similar units in the neighboring Commodore and Apple Tree complexes. 

This home can be viewed by clicking here